It is vitally important to have good clear communication with your business partners, investors, vendors, property managers, etc...

And to reiterate, building your out-of-state team is going to be vital to your success investing OOS.

Turnkey properties eliminate the need for major modifications right away because they are move-in ready.

This is particularly important if the buyer plans to change the property's use or develop it further.HOA (Homeowners Association) Documents: If the property is part of a homeowners association, include the HOA documents, fees, and any restrictions.Right of First Refusal or Buyback Clauses: These clauses can be beneficial in certain scenarios, allowing either the buyer to sell the property back to the seller under specific conditions or the seller to have the first opportunity to buy back the property if the buyer decides to sell.Amendment or Modification Clause: This clause allows for changes to the agreement, should both parties agree, to accommodate unforeseen circumstances or adjustments in terms.Record Keeping and Escrow Services for Document and Payment Handling: Ensure there's a clear plan for how documents will be stored and how payments will be processed and recorded.

Here are some practical tips to help you avoid fines and maintain a harmonious relationship with your HOA:If you're unsure about whether a particular action or modification to your property complies with the HOA rules, don't hesitate to reach out to your HOA board or management company for clarification.In my opinion, for any changes to your property that require HOA approval, such as landscaping or exterior modifications, submit your plans well in advance.

I'd have to do a lot of modifications to get it to 500 sqft.

All of these restrictions and modifications of acquisition standards were attempts at controlling the variability of ownership of an extremely variable product: scatter site SFR.

There aren't many electricians left who know how to splice into it properly, and every time I've seen it in real life, there have been questionable modifications made to it to add circuits and things (because electricity demands have grown substantially in homes since the 40's, people want more outlets, etc. additions and remodels have been done to most homes of that vintage, usually insulation has been added around it also, creating a fire hazard if any insulation comes into contact with the K&T.

Understanding one another's difficulties can lead to better solutions.Make sure that any modifications to the rent payment schedule are noted in writing, perhaps as an addition to the lease agreement.

Are there any modifications to the written lease?